Audit Report - 1985
SALINA AIRPORT AUTHORITY
Salina, Kansas
AUDIT REPORT
Year 1985
A. H. LECKBAND & CO., CPA, CHARTERED
Certi£ied Public Accountants
Accounting Bldg., 719 East Craw£ord
Salina, Kansas 67401
SALINA AIRPORT AUTHORITY
TABLE OF CONTENTS
Auditor's Report
1
Financial Statements
Balance Sheet
Statement o£ Revenues, Expenses and Changes in Equity
Statement o£ Changes in Financial Position
2
3
4
Summary o£ Capital Expenditures
5
Notes to Financial Statements
6-7
SUPPLEMENTAL INFORMATION
Financial Statements-Airport Revolving Account
Balance Sheet
Statement o£ Revenues, Expenses and Changes in Equity
Statement o£ Changes in Financial Position
8
9-10
11
Capital Expenditures-Airport Revolving Account
12-13
Financial Statements-Building Revenue Account
Balance Sheet
Statement o£ Revenues, Expenses and Changes in Equity
Statement o£ Changes in Financial Position
14
15
16
Capital Expenditures-Building Revenue Account
17
Bonds o£ Indebtedness (Summary)
General Obligation Bonds
Building Revenue Bonds-Series 1984
18
19
20
Reconcilement o£ Fiscal Agency Account
21
Schedule o£ Investments
22
Insurance in Force
23
ADDITIONAL INFORMATION REQUIRED BY
OMB CIRCULAR A-128
Schedule o£ Federal Assistance Programs
Summary o£ Completed Federal Assistance Programs
Auditor's Comments on Compliance
24
25
26
Auditor's Report on Internal Accounting Control
27-28
A.
H.
LECKBAND
&
co.
CERTIFIED PUBLIC ACCOUNTANTS
719 EAST CRAWFORD SALINA, KANSAS 67401
A. H. LECKBAND, C.P.A.
EUGENE O. HARRI50N, C.P.A.
THOMA5 G. ARNETT, C.P.A.
MEMBER5 AMERICAN IN5TITUTE OF CERTIFIED PUBLIC ACCOUNTANT5
ACCOUNTING DEF'ARTMENT (913) B27'7244
DATA PROCE551NG OEF'ARTMENT (913) B27'7245
January 29,
1986
The Board o£ Directors
Salina Airport Authority
Salina, Kansas
We have examined the £inancial statements listed in the table o£
contents o£ the Salina Airport Authority, Salina, Kansas, £or the
year ended December 31, 1985. Our examination was made in accordance
with generally accepted auditing standards and the Minimum Standard
Audit Program approved by the State Municipal Accounting Board, and
accordingly included such tests o£ the accounting records and such
other auditing procedures as we considered necessary in the circum-
stances. We have previously examined and reported on thE' £inancial
statements £or the preceding year, and have given an unquali£ied
opinion on them.
In our opinion, the a£orementioned £inancial statements present £airly
the £inancial position o£ the General Operating Fund o£ the SElina
Airport Authority at December 31, 1985, and the results CI£ its oper-
ations and changes in its £inancial position £or the year then ended,
in con£ormity with generally accepted accounting principles applied on
a basis consistent with that o£ the preceding year.
The accompanying supplemental in£ormation listed in the table o£ contents
is not necessary £or a £air presentation of the £inancial statements,
but is presented as additional analytical data. This information has
been subJected to the tests and other auditing procedures: applied in
the examination o£ the f~nancial statements mentioned abclve and, in our
opinion is £airly stated in all material respects in relation to the
financial statements taken as a whole.
A. H.
LECKBAND & CO.,
CPA,
CHARTERED
~.4.~
THOMAS G. ARNETT CPA
In charge of and actively
engaged in this audit
Page 1
SALINA AIRPORT AUTHORITY
GENERAL OPERATING FUND
BALANCE SHEET
ASSETS
CURRENT ASSETS
Cash in banks
Certi£icates of deposit
Account receivable
Notes receivable
Prepaid bond interest
TOTAL CURRENT ASSETS
RESTRICTED ASSETS
Certi£icates o£ deposit
Provision £or Bond Reserve
Provision £or Replacement and
Depreciation
Reserve Fund £or Non-Recurring Main-
tenance and Capital Improvements
Savings Account-proceeds o£ land sale
TOTAL RESTRICTED ASSETS
FIXED ASSETS
Equipment
Buildings
Other improvements
Land
Less-accumulated depreciation
TOTAL FIXED ASSETS
OTHER ASSETS
Long-term notes receivable
TOTAL ASSETS
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Account payable
Payroll deductions
Bond payable
De£erred rent income
Accrued bond interest
TOTAL CURRENT LIABILITIES
LONG-TERM LIABILITIES
Bonds payable
EQUITY
TOTAL LIABILITIES AND EQUITY
December 31
1985 1984
$ 223,783.98 $ 178,604.32
212,000.00 1,120,000.00
141,630.00
9,382.10 9,853.72
3,978.75
$ 586,796.08 $1,312,436.79
$
20,000.00 $ 18,000.00
20,000.00 5,000.00
40,000.00
6,990.00
46,990.00 $ 63,000.00
$
860,519.20
6,725,034.97
3,068,000.86
673,000.00
$11,326,555.03
2,507,427.46
$ 673,602.71
5, 623, 651. 67
2,322,655.96
478,000.00
$9,097,910.34
2,092,010.38
$
$ 8,819,127.57
$7,005,899.96
$
56,114.35
65,998.02
$
$ 9,509,028.00
$8,447,334.77
--------------
--------------
-------------
-------------
$
156,980.00 $
2,803.11 2,320.36
75,000.00 55,000.00
12,526.46 5,916.03
7,739.17 10, 571. 88
255,048.74 $ 73,808.27
$
440,000.00
515,000.00
8,813,979.26
7,858,526.50
$ 9,509,028.00
$8,447,334.77
--------------
--------------
-------------
-------------
The notes to £inancial statements are an integral part o£ this~ statement.
Page 2
SALINA AIRPORT AUTHORITY
GENERAL OPERATING FUND
STATEMENT OF REVENUE, EXPENSES AND
CHANGES IN EQUITY
January 1 to December 31
1985 1984
REVENUES
Operating revenues
Income £rom mill levy
Proceeds o£ Airport Development Aid
Program grants
Property sales
Interest on property sales
Interest on investments
$1,089,903.00
73,278.43
736,356.82
6,990.00
9,218.18
94,802.28
TOTAL REVENUES
$2,010,548.71
EXPENSES
O££ice and administration
Maintenance
Bond interest and expenses
Depreciation
$
274,142.88
317,519.59
45,536.04
417,897.44
TOTAL EXPENSES
$1,055,095.95
EXCESS OF REVENUES OVER EXPENSES
$
955,452.76
EQUITY-January 1
7,858,526.50
EQUITY-December 31
$8,813,979.26
-------------
-------------
$1,023,840.86
345,800.28
514,616.21
2, 401. 00
10,472.21
166,773.00
$2,063,903.56
$
193, 321. 94
269,047.93
27,418.71
337,734.33
$
827,522.91
$1,236,380.65
6,622,145.85
$7,858,526.50
-------------
-------------
The notes to £inancial statements are an integral part o£ this statement.
Page 3
SALINA AIRPORT AUTHORITY
GENERAL OPERATING FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
FUNDS WERE PROVIDED BY:
Excess o£ revenues over expenses
Add: Expense not requiring working
Depreciation
Disposition o£ £ixed assets
Decrease in .restricted assets
Decrease in long-term receivables
Increase in long-term liabilities
Decrease in working capital
capital
TOTAL FUNDS PROVIDED
FUNDS WERE APPLIED TO:
Capital expenditures
Depreciation on assets disposed o£
Reduction of long-term liabilities
Increase in working capital
TOTAL FUNDS APPLIED
CHANGES IN WORKING CAPITAL
Current Assets-Increase (Decrease)
Cash in banks
Certi£icates o£ deposit
Accounts receivable
Notes receivable
Prepaid bond interest
Current Liabilities-Decrease
Accounts payable
Payroll deductions
Bonds payable
De£erred rent income
Accrued bond interest
(Increase)
TOTAL INCREASE (DECREASE) IN WORKING CAPITAL
January 1 to December 31
1985 1984
$
955,452.76
$1,236,380.65
337,734.33
11,899.81
10,000.00
9,853.72
400,000.00
$2,005,868.51
-------------
-------------
$1,703,807.54
7,999.81
135,000.00
159,061.16
$2,005,868.51
-------------
-------------
$( 398,456.92)
540,000.00
168.90
5,433.75)
2,922.92
30,000.00
5,916.03)
4,223.96)
$
159,061. 16
417,897.44
2,480.36
16,010.00
9,883.67
906,881. 18
$2,308,605.41
-------------
-------------
$2,231,125.05
2,480.36
75,000.00
$2,308,605.41
-------------
-------------
$ 45,179.66
(908,000.00)
141,630.00
( 471. 62 )
( 3,978.75)
(156,980.00)
( 482.75)
( 20,000.00)
( 6,610.43)
2,832.71
$ (906,881. 18)
------------
------------
-------------
-------------
The notes to £inancial statements are an integral part o£ this: statement.
Page 4
SALINA AIRPORT AUTHORITY
GENERAL OPERATING FUND
CAPITAL EXPENDITURES
January 1 to December 31
1985 1984
Equipment
$
189,396.85
$
46,385.88
Buildings
1,101,383.30
1,063,230.77
Other improvements
745,344.90
594,190.89
Land
195,000.00
TOTAL CAPITAL EXPENDITURES
$2,231,125.05
$1,703,807.54
-------------
-------------
-------------
-------------
The notes to £inancial statements are an integral part o£ this statement.
Page 5
THE SALINA AIRPORT AUTHORITY
NOTES TO FINANCIAL STATEMENTS
December 31, 1985
1.
The Salina Airport Authority is governed by a Board o£ £ive directors
appointed by the City Commission o£ the City o£ Salina, Kansas. The
£ollowing directors served during the period o£ our examination:
Ed Pogue, Chairman
Thomas J. Kennedy, Vice-Chairman
Robert D. Wilbur, Secretary-Treasurer
Kenneth Stephenson, Assistant Secretary
Charles Walker
Joe Cloud, term expired 4-26-85
Carl Engstrom, term expired 5-26-85
2.
The £ollowing o£ficials, appointed by the Salina Airport Authority Board
o£ Directors, served during the period o£ our examination:
Timothy F. Rogers, Executive Vice-President
Donald C. Kneubuhl, Director o£ Operations
3.
Summary o£ accounting policies
A. The General Operating Fund is composed o£ two accounte¡-the Airport
Revolving Account and the Building Revenue Account. The Airport
Revolving Account is used £or general airport operaticlns and the
Building Revenue Account is £or segregation o£ monies and establish-
ment o£ reserves as provided by the bond ordinances. The provisions
o£ the bond ordinances have been complied with.
B.
The accrual basis o£ accounting is used.
C.
Depository security is adequate £or all accounts.
D.
Investments are stated at cost.
E.
Fixed assets are stated at cost. Depreciation is computed using the
straight-line method based on estimated use£ul lives ëLS £ollows:
Equipment
Buildings
Other improvements
5 - 10 years
15 - 30 years
20 years
Page 6
SALINA AIRPORT AUTHORITY
NOTES TO FINANCIAL STATEMENTS (continued)
December 31, 1985
4.
Composition o£ cash balances
Planters Bank and Trust Co., Salina, Kansas
First National Bank and Trust Co., Salina, Kansas
National Bank of America, Salina, Kansas
5.
Composition o£ certi£icates o£ deposit
First National Bank and Trust Co., Salina,
National Bank o£ America, Salina, Kansas
Planters Bank & Trust Co., Salina, Kansas
First Bank and Trust Co., Salina, Kansas
Kansas
$
61,692.40
90,447.44
78,634.14
$
230,773.98
-------------
-------------
$
20,000.00
6,000.00
126,000.00
100,000.00
252,000.00
$
-------------
-------------
The Board o£ Directors authorized the issuance by the Salj.na Airport
Authority o£ Building Revenue Bonds, Series 1985, in the principal
amount of $900,000.00 on December 20, 1985. The bonds were sold on
January 17, 1986 subsequent to the date o£ these £inanciaJ. statements.
A summary o£ this Bond Issue £ollows:
6.
BUILDING REVENUE BONDS-SERIES 1985
Date o£ Bonds
Date o£ Issue
Interest rate
December 1, 1985
January 17, 1986
Variable, Maximum
10.04X-Minimum 8.00X
December 1, 1995
Maturity Date
SCHEDULE OF PAYMENTS
Due in
Year
Bond
Principal
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
$
50,000.00
70,000.00
70,000.00
70,000.00
90,000.00
90,000.00
110,000.00
110,000.00
110,000.00
130,000.00
$ 900,000.00
------------
------------
Page 7
SALINA AIRPORT AUTHORITY
AIRPORT REVOLVING ACCOUNT
BALANCE SHEET
ASSETS
CURRENT ASSETS
Cash in banks
Certi£icates o£ deposit
Accounts receivable
TOTAL CURRENT ASSETS
FIXED ASSETS
Equipment
Buildings
Other improvements
Land
Less-accumulated depreciation
TOTAL FIXED ASSETS
RESTRICTED ASSETS-SAVINGS
TOTAL ASSETS
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts payable
Payroll deductions
De£erred rent
Due to Building Revenue Account
TOTAL CURRENT LIABILITIES
EQUITY
TOTAL LIABILITIES AND EQUITY
December 31
1985
1984
$
54,702.40
39,720.84
50,000.00
$
$
141,282.00
195,984.40
$
89,720.84
$ 860,519.20
2,994,999.66
3,068,000.86
$ 673,602.71
2,126,817.29
2,322,655.96
$6,923,519.72
1,379,515.75
$5,123,075.96
991,687.60
$5,544,003.97
$4,131,388.36
$
6,990.00
$
$5,746,978.37
$4,221,109.20
-------------
-------------
-------------
-------------
$ 156,980.00 $
2,803.11 2,320.36
12,526.46
907,685.63
$ 172,309.57 $ 910,005.99
5,574,668.80 3,311,103.21
$5,746,978.37 $4,221,109.20
------------- -------------
------------- -------------
The notes to £inancial statements are an integral part o£ this! statement.
Page 8
SALINA AIRPORT AUTHORITY
AIRPORT REVOLVING ACCOUNT
STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN EQUITY
TOTAL OPERATING REVENUES
January 1 to December 31
1985 1984
$ 382,685.81 $ 336,318.26
10,924.67 28,083.44
30,159.86 23,447.64
43,257.00
2,184.74 1,525.00
77,907.41 69,211. 11
16, 731. 06 7,722.31
7,444.62 4,868.72
10, 131. 36
3,127.01 2,057.77
$ 584,553.54 $ 473,234.25
$ 6,990.00 $
736,356.82 514,616.21
73,278.43 345,800.28
12,048.44 54,092.49
$ 828,673.69 $ 914,508.98
$1,413,227.23 $1,387,743.23
REVENUES
OPERATING REVENUES
Building rents
Agricultural land rents
Other land rents
Hangar rents
Other rents
Fixed base operator
Landing fees
Commissions
Ramp rents
Miscellaneous income
OTHER REVENUES
Sale o£ Property
Proceeds from Airport Development Aid
program grants
Income £rom mill levy
Interest on investments
TOTAL OTHER REVENUES
TOTAL REVENUES
EXPENSES
OPERATING EXPENSES
Of£ice and Administration
O££ice salaries
Of£ice supplies
Postage
Car expense
Travel expense
Agricultural land expense
Legal and auditing
Insurance
Engineering
Payroll taxes
Employees retirement
Telephone
Industrial development program
Promotion
Other o££ice and administration
$ 82,903.81 $ 80,190.54
3,090.47 2, 561. 03
3,050.13 1,302.97
2,636.18
5,883.04 1,365.30
5,110.97 4,510.54
28,010.32 22,663.85
43,975.57 32, 861. 08
18,646.67 6,795.03
14,636.13 12,856.53
7,050.06 6,953.02
5,071. 34 4,028.83
15,000.00
9,000.62
29,971. 88 8, 351. 15
$ 271,401. 01 $ 187,076.05
SUB-TOTAL
(continued)
Page 9
SALINA AIRPORT AUTHORITY
AIRPORT REVOLVING ACCOUNT
STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN EQUITY
(continued)
Maintenance
Building maintenance
Runways, taxiways, and ramps
Equipment, gas, oil and repairs
Utilities
Grounds maintenance
Janitor supplies
Maintenance salaries
Snow removal
Air£ield lighting equipment
Fire department expense
Other maintenance expense
January 1 to December 31
1985 1984
$ 30,354.23 $ 38,039.54
23,887.10 27,245.34
39,627.86 37,583.98
49, 121. 00 37,369.83
12,229.20 1,287.71
812.24
108,015.89 90, 361. 43
2,545.75 225.00
5,400.26
15,297.09 2,602.80
24,086.56 28,035.80
SUB-TOTAL
Depreciation
$ 305,164.68 $ 268,963.93
$ 301,462.32 $ 219,478.59
$ 878,028.01 $ 675,518.57
$ 535,199.22 $ 712,224.66
3,311,103.21 2,598,878.55
1,728,366.37
$5,574,668.80 $3,311,103.21
-----------_.- -------------
-----------_.- -------------
TOTAL EXPENSES
EXCESS OF REVENUES OVER EXPENSES
EQUITY-January 1
TRANSFERS FROM BUILDING REVENUE ACCOUNT
EQUITY-December 31
The notes to £inancial statements are an integral part o£ thisl statement.
Page 10
SALINA AIRPORT AUTHORITY
AIRPORT REVOLVING ACCOUNT
STATEMENT OF CHANGES IN FINANCIAL POSITION
FUNDS WERE PROVIDED BY:
Excess o£ revenues over expenses
Add: expenses not requiring working
capital
Depreciation
Disposition o£ £ixed assets
Decrease in working capital
Trans£ers £rom Building Revenue Account
TOTAL FUNDS PROVIDED
FUNDS WERE APPLIED TO:
Capital expenditures
Buildings trans£erred £rom Building
Revenue Account-Book Value
Depreciation on assets disposed o£
Increase in restricted assets
Increase in working capital
TOTAL FUNDS APPLIED
CHANGES IN WORKING CAPITAL
Current Assets-Increase (Decrease)
Cash in banks
Certi£icates o£ deposit
Accounts receivable
Current Liabilities-Decrease (Increase)
Accounts payable
Payroll deductions
De£erred rent
Due to Building Revenue Account
TOTAL INCREASE (DECREASE) IN WORKING CAPITAL $
January 1 to December 31
1985 1984
$
535,199.22
$
712,224.66
301,462.32
2,480.36
1,728,366.37
$2,567,508.27
-------------
-------------
$1,479,561. 75
234,516.18
2,480.36
6,990.00
843,959.98
$2,567,508.27
-------------
-------------
$ 14,981.56
( 50,000.00)
141,282.00
(156,980.00)
( 482.75)
( 12,526.46)
907,685.63
843,959.98
-------------
-------------
219,478.59
11,899.81
768,204.29
$1,711,807.35
-------------
-------------
$1,703,807.54
7,999.81
$1,711,807.35
-------------
-------------
$ (378,875.85)
50,000.00
2,922.92
(442,251. 36)
$ (768,204.29)
-------------
-------------
Page 11
The notes to £inancial statements are an integral part o£ this: statement.
SALINA AIRPORT AUTHORITY
AIRPORT REVOLVING ACCOUNT
CAPITAL EXPENDITURES
EQUIPMENT
Con£erence table and chairs
Radio equipment
Air compressor
Nova airless paint sprayer
1984 Chevrolet pickup
1984 Ford Station Wagon
1984 IHC tractor
O££ice equipment
Hesston tractor
Regancy Scanner
Mobile Radio
Bush Hog Mower
1985 Dodge Pick-Up
Restaurant equipment
ProJector Case & Screen
Idaho Norland snow blower-
AIP 04
TOTAL EQUIPMENT
BUILDINGS
Bldg. 310-addition
Federal Mogul bldg.
Bldg. 2617-addition
Co££ee shop entry
Bldg. 595-entry and roo£
Bldg. 650-new roo£
Bldg. 512-addition
Equipment shed
Bldg. 207-maintenance shop addition
A.S.I. Hangar door
A. S. 1. Hangar
Terminal bldg. improvement
Maintenance shed
Scienti£ic eng, bldg. 512 improvement
Keystone Railway Equipment bldg.
improvement
Bldg. 959 improvement
Eldorado Motor Corporation bldg.
Federal Express bldg. improvement
TOTAL BUILDINGS
(continued)
Page 12
January 1 to December 31
1985 1984
$
$
4,597.20
3,322.56
6,932.00
1,062.57
6, 891. 55
9,697.00
13,883.00
4, 961. 92
10,360.00
430.90
875.00
5,430.00
9,400.00
464.84
494.19
156,980.00
$189,396.85
$
46,385.88
$
$
55,000.00
841,359.41
50,000.00
3,050.00
16,085.00
9,200.00
40,052.34
44,420.78
4,063.24
35,000.00
300,000.00
18,121.55
15,338.50
20,000.00
36,367.00
42,360.00
45,511. 52
32, 121. 43
$544,820.00
$1,063,230.77
SALINA AIRPORT AUTHORITY
AIRPORT REVOLVING ACCOUNT
CAPITAL EXPENDITURES
Continued
January 1 to December 31
1985 1984
OTHER IMPROVEMENTS
Runway lighting AIP-02
Taxiway overlay AIP-03
Runway overlay AIP-04
Pave parking at Beech
Fencing
Xetec paving
Runway lighting AIP-06
Runway AIP-04
Taxiway overlay AIP-03
Development plan AIP-05
MMA paving
Federal Express paving
$
$
176,826.59
396,619.13
3,526.00
10, 991. 17
6,228.00
45,001. 32
6,227.25
5,479.76
609,107.71
39,436.04
1,396.47
20,950.75
17,745.60
TOTAL OTHER IMPROVEMENTS
$
745,344.90
$
594,190.89
TOTAL CAPITAL EXPENDITURES
$1,479,561. 75
$1,703,807.54
-------------
-------------
-------------
-------------
The notes to £inancial statements are an integral part o£ thif~ statement.
Page 13
SALINA AIRPORT AUTHORITY
BUILDING REVENUE ACCOUNT
BALANCE SHEET
ASSETS
CURRENT ASSETS
Cash in banks
Certi£icates o£ deposit
Accounts receivable
Notes receivable
Prepaid bond interest
Due £rom Airport Revolving
Account
TOTAL CURRENT ASSETS
RESTRICTED ASSETS
Certi£icates o£ deposit
Provision £or Bond Reserve
Provision for Replacement and
Depreciation
Reserve Fund £or Non-Recurring
Maintenance and Capital Improvement
TOTAL RESTRICTED ASSETS
FIXED ASSETS
Buildings
Land
Less-accumulated depreciation
TOTAL FIXED ASSETS
OTHER ASSETS
Long-term notes receivable
TOTAL ASSETS
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Bonds payable
Deferred rent income
Accrued bond interest
TOTAL CURRENT LIABILITIES
LONG-TERM LIABILITIES
Bonds payable
EQUITY
TOTAL LIABILITIES AND EQUITY
December 31
1985 1984
$ 169,081. 58 $ 138,883.48
212,000.00 1,070,000.00
348.00
9,382.10 9,853.72
3,978.75
907,685.63
$ 390,811. 68 $2, 130,401. 58
$
20,000.00
$
18,000.00
20,000.00
$
40,000.00
5,000.00
$
40,000.00
63,000.00
$3,730,035.31
673,000.00
$4,403,035.31
1,127,911. 71
$3,275,123.60
$
56,114.35
$3,496,834.38
478,000.00
$3,974,834.38
1,100,322.78
$2,874,511. 60
$
65,998.02
$3,762,049.63
-------------
-------------
$
75,000.00
$5, 133,911. 20
-------------
-------------
$
55,000.00
5,916.03
10,571. 88
7,739.17
$
82,739.17
$
71,487.91
440,000.00
3,239,310.46
$3,762,049.63
-------------
-------------
515,000.00
4,547,423.29
$5,133,911.20
-------------
-------------
Page 14
The notes to £inancial statements are an integral part o£ thisl statement.
SALINA AIRPORT AUTHORITY
BUILDING REVENUE ACCOUNT
STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN EQUITY
REVENUES
OPERATING REVENUES
Building rents
Agricutural land rents
Other land rents
Hangar rents
Tank farm rent
Other rents
$
TOTAL OPERATING REVENUES
$
OTHER REVENUES
Sale o£ property
Interest on sale o£ property
Interest on investments
$
TOTAL OTHER REVENUES
$
TOTAL REVENUES
$
EXPENSES
OPERATING EXPENSES
Agricutural land expenses
Building maintenance
Engineering
Bond interest expense
Expense relating to bond
Depreciation
$
issues
TOTAL EXPENSES
$
EXCESS OF REVENUES OVER EXPENSES
$
EQUITY-January 1
TRANSFERS TO AIRPORT REVOLVING ACCOUNT
January 1 to December 31
1985 1984
412,754.44
31,767.47
13,295.00
45,000.00
2,532.55
505,349.46
9,218.18
82,753.84
91,972.02
597,321. 48
2,158.12
8,352.79
4,002.12
45,536.04
583.75
116,435.12
177,067.94
420,253.54
4,547,423.29
$ 3,239,310.46
(1,728,366.37)
EQUITY-December 31
--------------
--------------
$
411,350.97
30,016.29
6,987.50
57,251. 85
45,000.00
$
550,606.61
$
2,401.00
10,472.21
112,680.51
$
$
125,553.72
$
676,160.33
$ 5,020.89
84.00
1,225.00
21,892.97
5,525.74
118,255.74
$ 152,004.34
$ 524,155.99
4,023,267.30
$4,547,423.29
-------------
-------------
Page 15
The notes to £inancial statements are an integral part o£ thil3 statement.
SALINA AIRPORT AUTHORITY
BUILDING REVENUE ACCOUNT
STATEMENT OF CHANGES IN FINANCIAL POSITION
FUNDS WERE PROVIDED BY:
Excess o£ revenues over expenses
Add: expenses not requiring working
capital
Depreciation
Buildings trans£erred to Airport
Revolving Account-Book value
Decrease in restricted assets
Decrease in long-term receivable
Increase in long-term liabilities
Decrease in working capital
TOTAL FUNDS PROVIDED
FUNDS WERE APPLIED TO:
Capital expenditures
Trans£ers to Airport Revolving Account
Reduction in long-term liabilities
Increase in working capital
TOTAL FUNDS APPLIED
CHANGES IN WORKING CAPITAL
Current Assets-Increase (Decrease)
Cash in banks
Certi£icates o£ deposit
Accounts receivable
Notes receivable
Prepaid bond interest
Due £rom Airport Revolving Account
Current Liabilities-Decrease (Increase)
Bonds payable
De£erred rent income
Accrued bond interest
January 1 to December 31
1985 1984
$
420,253.54
116,435.12
234,516.18
13,000.00
9,883.67
1, 750, 841. 16
$ 2,554,929.67
--------------
--------------
$ 751,563.30
1,728,366.37
75,000.00
$ 2,554,929.67
--------------
--------------
$
30,198.10
( 858,000.00)
348.00
( 471. 62)
( 3,978.75)
( 907,685.63)
20,000.00)
5,916.03
2,832.71
TOTAL INCREASE (DECREASE) IN WORKING CAPITAL $(1,750,841.16)
--------------
--------------
$
524,155.99
118,255.74
10,000.00
9,853.72
400,000.00
$1,062,265.45
-------------
-------------
$
135,000.00
927,265.45
$1,062,265.45
-------------
-------------
$( 19,581. 07)
490,000.00
168.90
5,433.75)
442,251.35
30,000.00
5,916.03)
4,223.96)
$ 927,265.45
-------------
-------------
The notes to £inancial statements are an integral part o£ thif~ statement.
Page 16
SALINA AIRPORT AUTHORITY
BUILDING REVENUE ACCOUNT
CAPITAL EXPENDITURES
January 1 to December 31
1985 1984
BUILDING
Ag Chem Building 1021 improvements
Schwans Tech Center
$ 156,563.30
400,000.00
$
LAND
Hocking 80 acres
Johnson 80 acres (downpayment)
185,000.00
10,000.00
TOTAL CAPITAL EXPENDITURES
$ 751,563.30
$
------------
------------
------------
------------
The notes to £inancial statements are an integral part o£ thi~i statement.
Page 17
General Obligation Bonds
Building Revenue Bonds
Series 1973-2
Building Revenue Bonds
Series 1984
SALINA AIRPORT AUTHORITY
BONDS OF INDEBTEDNESS
December 31, 1985
Original
Issue
$
790,000.00
350,000.00
400,000.00
$1,540,000.00
-------------
-------------
Page 18
Principal
Paid
$
655.000.00
350,000.00
20,000.00
$1,025,000.00
-------------
-------------
Outstanding
Balance
$
135,000.00
380,000.00
$
515,000.00
-------------
-------------
THE SALINA AIRPORT AUTHORITY
GENERAL OBLIGATION BONDS
December 31, 1985
Date o£ Issue:
Amount o£ Issue:
Interest Rate:
Maturity Date:
Principal Paid:
Outstanding Balance:
February 1, 1967
$790,000.00
4.25, 3.375, 3.4%
February 1, 1988
$655,000.00
$135,000.00
Schedule of Payments
Due in
Year
1986
1987
1988
Bond
Principal
$ 45,000.00
45,000.00
45,000.00
$135,000.00
-----------
-----------
Page 19
Bond
In1:erest
$ 3,825.00
2,295.00
765.00
$ 6,885.00
-----------
-----------
SALINA AIRPORT AUTHORITY
BUILDING REVENUE BONDS-SERIES 1984
December 31, 1985
Date o£ Issue:
Amount o£ Issue:
Interest Rate:
Maturity Date:
Principal Paid:
Outstanding Balance:
Schedule o£ Payments
Due in
Year
Bond
Principal
1986
1987
1988
1989
1990
1991
1992
1993
1994
$ 30,000.00
30,000.00
30,000.00
40,000.00
40,000.00
50,000.00
50,000.00
50,000.00
60,000.00
$380,000.00
-----------
-----------
*Interest rate to be calculated on each interest
payment date £or the ensuing six months period.
Page 20
May 1, 1984
$400,000.00
*
May 1, 199.1
$400.000.00
Bond
Interest
$ *
*
*
*
*
*
*
*
*
$
-----------
-----------
SALINA AIRPORT AUTHORITY
RECONCILEMENT OF FISCAL AGENCY ACCOUNT
December 31, 1985
BALANCE WITH FISCAL AGENCY-January 1, 1985
REMITTANCES
Matured bonds
Interest coupons
Bond commission and postage
TOTAL REMITTANCES AND BEGINNING BALANCE
RETURNS
Cancelled bonds
Interest coupons
Commission and postage retained
BALANCE WITH FISCAL AGENCY-December 31, 1985
Page 21
$45,000.00
5,355.00
$45,000.00
5,355.00
$
50,355.00
$50,355.00
50,355.00
$
----------
----------
AIRPORT REVOLVING ACCOUNT
Certi£icates o£ deposit
BUILDING REVENUE ACCOUNT
Certi£icates o£ deposit
TOTAL GENERAL OPERATING
Fund
SALINA AIRPORT AUTHORITY
SCHEDULE OF INVESTMENTS
December 31, 1985
Balance
1-1-85
$
50,000
1,070,000
$1,120,000
----------
----------
Page 22
Purchases
Year 1985
$ 100,000
772,000
$ 872,000
---------
---------
Redemptions
Year 1985
$
150,000
1,630,000
$1,780,000
-----------
-------.---
Balance
12-31-85
$
212,000
$
212,000
----------
----------
Workmen's Compensation
and Employer's Liability
Comprehensive General
Liability
Owners', Landlords', and
Tenants' Liability
Rental Buildings-
Industrial
Airport Terminal and
Rental Buildings
Vehicles and Equipment
Public Employees
Blanket Bond
Public o££icials and
Employees liability
SALINA AIRPORT AUTHORITY
INSURANCE IN FORCE
December 31, 1985
Type o£ Coveraqe
Bodily inJury and
property damage
Bodily inJury and
property damage
Fire and lightning,
extended coverage,
vandalism and malicious
mischie£-loss o£ rents
Fire and lightning,
extended coverage,
vandalism and malicious
mischie£
Liability
Physical damage
Medical payments
Uninsured motorists
Honesty blanket
position bond coverage
Errors & omissions
including asbestos &
pollution coverage on a
claims made basis
Page 23
Amount o£
Coverage
Co-Insurance
Percentaqe
$
100,000.00
500,000.00
500,000.00
566,570.00
4,124,000.00
90Y.
500,000.00
519,204.00
2,000.00
25/50,000.00
100,000.00
1,000,000.00
SALINA AIRPORT AUTHORITY
SCHEDULE OF FEDERAL ASSISTANCE
CATALOG OF FEDERAL DOMESTIC ASSISTANCE NUMBER 20.106
For the year ended December 31, 1985
Program
Title
DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
Taxiway lighting
Federal Aviation Administration
Taxiway overlay
Federal Aviation Administration
Runway overlay snow blower
Federal Aviation Administration
Master plan update 1985-199l
Federal Aviation Administration
Runway overlay, Fire Station
and supporting communications
Expendi 1:ures
Durino
Federal ID Number Year
Amount
o£ Awards
3-20-0072-02
$( 1,070.12)
$
3-20-0072-03
39,436.04
43,606.32
3-20-0072-04
766,087.71
693,820.62
3-20-0072-05
1,396.47
3-20-0072-06
5,479.76
$ 812,399.98
$736,356.82
----------.--
----------.--
-----------
-----------
SCHEDULE OF FEDERAL ASSISTANCE
CATALOG OF FEDERAL DOMESTIC ASSISTANCE NUMBER 20.106
For the year ending December 31, 1984
Program Grant Title
DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
Runway lighting
Federal Aviation Administration
Taxiway overlay
Federal Aviation Administration
Runway overlay & snowblower
Page 24
Federal ID Number
Expenditures
Durinçr
Year
Amount
o£ Awards
3-20-0072-02
$ 176,826.59
$160,928.93
3-02-0072-03
396,619.13
353,687.28
3-02-0072-04
3,526.00
$576,971. 72
$514,616.21
-----------
-----------
-----------
-----------
CATALOG OF
SALINA AIRPORT AUTHORITY
SUMMARY OF COMPLETED FEDERAL
ASSISTANCE PROGRAMS
FEDERAL DOMESTIC ASSISTANCE
For year ended December 31,
NUMBEH 20.106
1985
Proqram Title
Federal ID Number
Expenditures
During
Year
Federal Aviation Administration
Taxiway overlay 3-20-0072-03
1983
1984
1985
$ 5,382.16
396,619.13
39,436.04
TOTAL
$441,437.33
-----------
-----------
Program Title
Federal ID Number
Expenditures
During
Year
Federal Aviation Administration
Runway overlay and
Snow blower 3-20-0072-04
1983
1984
1985
1985 *
$ 1,393.09
3,526.00
765,992.71
95.00
TOTAL
$771,006.80
-----------
-----------
*Expenditure £or advertising
not claimed and not reimbursed
For year ended December 31, 1984
Program Title
Federal ID Number
Expenditures
During
Year
Federal Aviation Administration
Runway lighting 3-20-0072-02
1982
1983
1984
1985
$ 5,800.00
14,367.93
176,826.59
TOTAL
$196,994.52
-----------
-----------
Page 25
Amounts o£
Awards
$
353,687.28
43,606.32
$397,293.60
-----------
-----------
Amount o£
Awards
$
693,820.62
$693,820.62
-----------
-----------
Amount o£
Awards
$
16,366.14
160,928.93
( 1,070.12)
$176,224.95
-----------
-----------
A.
H.
LECKBAND
&
co.
CERTIFIED PUBLIC ACCOUNTANTS
719 EAST CRAWFORD SALINA, KANSAS 67401
A. H. LECKBAND, C.P.A.
EUGENE O. HARRISON, C.P.A.
THOMA5 G. ARNETT, C.P.A
ACCOUNTING DEFARTMENT (913) B27'7244
DATA PROCES51NG OEFARTMENT (913) B27'7245
MEMBER5 AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
January 29,
1986
The Board of Directors
Salina Airport Authority
Salina, Kansas 67401
We have examined the financial statements o£ the Salina Airport Authority
for the year ended December 31, 1985, and have issued our report thereon
dated January 29, 1986. Our examination was made in accordance with
generally accepted auditing standards; the provisions of ~~tandards for
Audit o£ Governmental Organizations, Programs, Activit~es, and Functions,
promulgated by the U.S. Comptroller General, as they pertain to financial
and compliance audits; the provisions o£ the O££ice o£ Management and
Budget's (OMB) Compliance-Supplement - Uniform Requirements of Programs
£or Grants to State and Local Governments; the provisions o£ OMB's
Circular A-128, and accordingly, included such test of thE~ accounting
records and such other auditing procedures as we considerE~d necessary in
the circumstances.
Based on our examination, we found that, for the items teHted, the Salina
Airport Authority complied with the material terms and conditions of the
£ederal award agreements. Further, based on our examiDat:Lon and the pro-
cedures re£erred to above, nothing came to our attention to indicate that
the Salina Airport Authority had not complied with the siunificant compli-
ance terms and conditions of the awards referred to above.
This report is intended solely £or the use of the Salina Airport Author-
ity, the cognizant audit agency, and other federal audit agenc~es and
should not be used £or any other purpose.
A. H.
LECKBAND & CO.,
CPA,
CHARTERED
~4.~
Thomas G.
Arnett CPA
Page 26
A.
H.
LECKBAND
&
co.
CERTIFIED PUBLIC ACCOUNTANTS
719 EAST CRAWFORD SALINA, KANSAS 67401
A. H. LECKBAND, C.P.A.
EUGENE O. HARRISON, C.P.A.
THOMA5 G. ARNETT, C.P.A.
MEMBER5 AMERICAN IN5TITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
ACCOUNTING DEI'ARTMENT (9131 B27'7244
DATA PROCE551NG OE'ARTMENT 1913) B27'7245
January 29,
1986
The Board o£ Directors
Salina Airport Authority
Salina, Kansas 67401
We have examined the £inancial statements of the Salina AJcrport Authority
for the year ended December 31, 1985, and have issued our report thereon
dated January 29, 1986. As part o£ our examination, we made a study and
evaluation o£ the system of internal accounting control oj: the Salina
Airport Authority to the extent we considered necessary to evaluate the
system as required by generally accepted auditing standards and the stand-
ards for financial and compliance audits contained in the U.S. General
Accounting O££ice's Standards £or Audit o£ Governmental Organizations,
Programs, Activities, and Functions. For the purpose of this report, we
have classi£ied the significant internal accounting controls in the
£ollowing categories:
Financial Statement Captions
Cash and cash equivalents
Investments
Property and equipment
Payables and accrued liabilities
Debt
Fund Balance
Our study included all of the control categories listed above. The
purpose o£ our study and evaluation was to determine the nature, timing,
and extent o£ per£orming the auditing procedures necessary for expressing
an opinion on the entity's £inancial statements. Our study and evaluation
was more limited than would be necessary to express an opinion on the
system o£ internal accounting control taken as a whole or on any of the
categories o£ control identi£ied above.
Page 27
Salina Airport Authority
Page 2
January 29, 1986
The management o£ the Salina Airport Authority is responsible £or estab-
lishing and maintaining a system o£ internal accounting control. In ful-
£illing this responsibility, estimates and Judgments by management are
required to assess the expected bene£its and related cost o£ control
procedures. The obJectives o£ a system are to provide management with
reasonable, but not absolute, assurance that assets are safeguarded
against loss from unauthorized use or disposition, and that transactions
are executed in accordance with management's authorization and recorded
properly to permit the preparation o£ £inancial statements in accordance
with generally accepted accounting principles.
Because o£ inherent limitations in any system o£ internal accounting con-
trol, errors or irregularities may nevertheless occur and not be detected.
Also, proJection o£ any evaluation o£ the system to £uture periods is sub-
Ject to the risk that procedures may become inadequate because o£ changes
in conditions or that the degree o£ compliance with the procedures may
deteriorate.
Our study and evaluation made £or the limited purpose described in the
£irst paragraph would not necessarily disclose all material weaknesses in
the system. Accordingly, we do not express an opinion on the system of
internal accounting control o£ the Salina Airport Authority taken as a
whole or on any o£ the categories o£ controls identi£ied in the £irst
paragraph. However, our study and evaluation disclosed the following
condition that we believe results in more than a relatively low risk that
errors or irregularities in amounts that would be material in relation to
the £inancial statements o£ the Salina Airport Authority may occur and not
be detected within a timely period:
There is no segregation o£ duties in the handling o£ cash
receipts due to the limited number o£ o££ice personnel.
This condition was considered in determining the nature, timing, and
extent o£ the audit tests to be applied in our examination of the 1985
£inancial statements, and this report does not a££ect our report on the
£inancial statements dated January 29, 1986.
This report is intended solely £or the use o£ management .and the Federal
Aviation Administration and should not be used £or any other purpose.
A.H.LECKBAND & CO.,
CPA,
CHARTERED
~Ji,~
Thomas G.
Arnett
CPA
Page 28